The Nigerian insurance industry last year recorded gross written premiums (GWP) of N1.56 trillion, marking a 56 per cent increase from the N1 trillion posted in 2023.
This growth came as insurers disbursed N622 billion in claims to policyholders, representing approximately 40 per cent of the total premium income.
Revealing the performance metrics at the 54th yearly general meeting of the Nigerian Insurers Association (NIA) in Lagos, the association’s Chairman, Kunle Ahmed, noted strong performance across both life and non-life segments.
According to him, the non-life insurance business contributed N1.1 trillion to the total premium, while the life segment accounted for N70 billion. On the claims side, non-life underwriters paid out N437 billion, with life insurers settling N185 billion in claims.
The industry also saw significant growth in assets, which climbed 46.1 per cent to N3.9 trillion from N2.67 trillion a year earlier. Similarly, market capitalisation rose by 41 per cent, reaching N1.2 trillion, up from N850 billion in 2023.
Ahmed noted that fire, oil and gas insurance lines were key revenue drivers within the non-life sector, while group life insurance remained the top performer on the life side.
